Michaels expects IPO to raise up to $527.8 million

AnnaPrior

The Michaels Companies Inc. on Monday said it expects to raise up to $527.8 million in its initial public offering, as it disclosed additional details of the planned listing.

In a regulatory filing, the arts-and-crafts retailer said it plans to offer 27.8 million shares priced between $17 and $19 each.

Shares are expected to list on the Nasdaq Global Select Market under the symbol MIK.

Michaels Stores, which also operates the Aaron Brothers chain, is owned by Bain Capital Partners LLC and Blackstone Group, which took the company private in 2006.

The company in December reorganized its plans for its public trading debut, initially withdrawing its delayed IPO. Michaels at that time cited its July reorganization, which created a holding company called the Michaels Companies Inc., as the reason for the withdrawal. Michaels Companies later filed to go public.

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